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Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.
−Removed: In addition to the risk factors included in the 2022 Form 10-K, we have identified the following additional risk factor:
−Removed: Risks Related to our Indebtedness
−Removed: Our current debt maturities may raise substantial doubt about our ability to continue as a going concern.
−Removed: When preparing financial statements for each annual and interim reporting period, management evaluates whether there are conditions or events that, when considered in the aggregate, raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued as set forth in Accounting Standards Codification (ASC) 205-40, “Presentation of Financial Statements - Going Concern.” In making its assessment, management considered the maturity of the BofA Revolver and the BMO Term Loan, which each has a maturity date of October 1, 2024.
−Removed: As of September 30, 2023 and November 7, 2023, we had aggregate outstanding indebtedness under the BofA Revolver and the BMO Term Loan totaling approximately $195 million and $205 million, respectively, maturing within 12 months of the date of issuance of the financial statements accompanying this quarterly report on Form 10-Q.
−Removed: Although management believes that we will be able to extend and/or refinance the BofA Revolver and the BMO Term Loan, or generate the cash necessary to pay off the BofA Revolver and the BMO Term Loan through asset sales prior to their scheduled October 1, 2024 maturity dates, there can be no assurance that we will be able to obtain extensions and/or refinancings in a timely manner, or on acceptable terms, if at all, or generate the cash necessary to pay off the BofA Revolver and the BMO Term Loan through asset sales prior to their October 1, 2024 maturity dates.
−Removed: The failure to obtain extensions and/or refinancings, or otherwise to repay the BofA Revolver and the BMO Term Loan when due, could lead to events of default, which would have a material adverse effect on our financial condition.
−Removed: In addition, our Series A Notes, of which an aggregate principal amount of $116 million is outstanding as of September 30, 2023, have a maturity date of December 20, 2024, will need to be evaluated in connection with management’s evaluation of the Company’s ability to continue as a going concern in connection with the preparation of financial statements for the year ending December 31, 2023.
−Removed: If we are not able to extend and/or refinance our indebtedness or generate sufficient cash through asset sales prior to the issuance of our financial statements for the year ended December 31, 2023, an opinion with respect to our audited financial statements for the year ended December 31, 2023 would need to include a qualification relating to our ability to continue operating as a going concern.
−Removed: Our outstanding debt instruments contain covenants that require us to deliver audited financial statements for the year ending December 31, 2023 that are accompanied by an opinion from our independent public accounts that does not include a qualification as to the Company’s ability to continue to operate as a going concern.
−Removed: If we are unable to do so, an event of default will occur which will accelerate our obligations under the BofA Revolver, the BMO Term Loan and the Senior Notes, which would have a material adverse effect on our liquidity and financial condition.
−Removed: Any inability to continue to operate as a going concern or the occurrence of an event of default under our outstanding indebtedness would likely have a material adverse effect on the price of our common stock.
Unregistered Sales of Equity Securities and Use of Proceeds
−Removed: The Company did not make any repurchases of any equity securities during the three months ended September 30, 2023.
+Added: The Company did not make any repurchases of any equity securities during the three months ended March 31, 2024.
Defaults Upon Senior Securities
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.